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Why get pre-approved for car finance

By: Louise Mosqueda0 comments

When you have bad credit, it can be hard to get approved for car finance. Lenders look at an applicants credit history and will sometimes deem them as a risk. One popular option for car finance is through a consumer lease.

Through a consumer lease, those with bad credit can gain access to a car and at the same time rebuild their credit profile. Granted, they must pay their dues on time, all the time. Towards the end of the contract, they can buy the vehicle outright or upgrade to a newer car.

What’s more, it’s also easier to get approved for car finance.

Pre-approved car finance

People often choose a car lease for a variety of reasons. Some only need an everyday car, and business owners want it for tax benefits. There are also benefits surrounding pre-approval. If you’re hesitant about pre-approval, here are a few reasons why you should consider pre-approval for your car finance.

Find out how much you can spend

People usually have a car in mind before they apply for finance. However, through pre-approval, their credit profile provides a realistic idea of their affordability. This insight helps narrow down the types of vehicles they can get access to, and can even prevent people from taking on payments that are more than what they can afford.

Negotiate repayment option

Another benefit of pre-approval is that it gives consumers leverage on negotiations. Because with a clear idea of how much they can spend, they can use it to negotiate with the car dealer regarding the frequency of payments.

Increase your confidence

When a consumer knows how much they can afford, they will be more confident to decide on the right type of car finance for their situation. It also helps them when shopping around because they already know what they can afford and this ensures they can manage the payments.

Work in advance

Browsing and talking to dealers can get exhausting. It leaves no room to go through paperwork thoroughly afterwards. Pre-approval for car finance early on enables consumers to focus more on the car they end up taking home.

Less stress

Having someone try to sell you a car you can’t afford can be stressful. With pre-approval, you don’t have to worry. Because you know what you can afford and what you want to get out of the deal.

Getting pre-approval for car finance is easy, and you can get pre-approved within minutes. Then you can quickly proceed with your application and get a car for yourself within a matter of days.

Once your application is complete, make sure to coordinate with the vehicle provider to work out when you can pick up the car. Also, remember to have the agreed deposit before picking up your vehicle. So, don’t hesitate and get pre-approved for car finance for a better life today.

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